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Commodity Trading Discussion Forum

Re: Dollar Index Daily chart **Lee *PIC*

Posted By: hunter
Date: Tuesday, 3 November 2009, at 11:27 p.m.

In Response To: Re: Tim Geitner's Proposed New Regulations/Hunter (Lee)

Hi Lee. Below is the daily chart and the wave count I believe has formed.
The a,b,c formation is the future zig zag I was talking about.
Your Q. made me think about how fast can the zig zag unfold? If the DX is very bullish and I believe it is. Then it should take very little time. It could be 3 daily bars, may be 5? I don't know. Will let the market show me as it unfolds.

In the chart there is a macd oscillator. Notice that the macd hit the "0" line as the DX hit the trend line till finally moved above the "0" line few days ago.
What took place today was a final shot to the resistance trend line and the DX has shown us where it wants to go. Can it go below the trend line? It could, but it all ready busted true and will do it again much easier now.
In my post to Trades these morning, I mentioned that the DX was about to hit 76.47 resistance. That was the daily trend line! One hour later, as Trades said KABOOM! the spike took place LOL
After the zig zag is done I believe it will move up with a possible final objective in the 90's. Long play, many months, many intermediate objectives.

As always, this is just my technical opinion, in due time the market will show us the real deal in dollars and cents.

I wish you the best of luck and most profitable trading adventure!

h

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